Singapore

Manulife US Real Estate Investment Trust (Reit) has tentative plans to start pre-marketing its Singapore listing from next week, according to sources close to the deal.

In this round-up, trade settlement picked up in March, Asian exchanges saw declining USDCNY futures volumes, Nigeria will include the RMB in its FX reserves, a survey found the RMB is likely to replace the Hong Kong dollar as most popular currency in HK, and a new cross-border scheme was established between Singapore and China. Plus, a recap of GlobalRMB's top stories this week.

A $315m five year loan for Stats ChipPac has been signed after being in syndication for six months. Eight banks eventually formed the lending group.

Allocations have been revealed for a $274m triple-tranche loan for Indian pharmaceutical firm Strides Arcolab's acquisition in Australia.

Singapore-based wastewater treatment company Hyflux has cut the size of its loan to $224m after failing to muster enough demand.

Credit Suisse has named former Macquarie banker Cheun Hon Ho as its new southeast Asia ECM head.

Singapore’s PSA International braved a crowded market on Tuesday to make a return to dollar bonds after a six year absence. The rarity of the name worked in the issuer’s favour, allowing it to meet its key pricing objective.

OUE Hospitality Trust’s S$238.6m ($175.7m) rights issue has been a big success, with shareholders signing up for 1.4x the shares on offer, according to a company filing.

Singapore’s PSA International broke its six year absence from the bond market in style on Tuesday, raising $500m in a deal that met its objective of pricing inside the curve of the closest comparable.

Loss-making commodities trader Noble Group has launched a richly priced $1bn one year refinancing into general syndication.

Olam International returned to the international bond market on Tuesday after an absence of nearly two years with a popular $300m trade that drew good participation from private banks and institutional accounts.

Commodities trader Gunvor Singapore, which had been talking to banks since February about refinancing debt, has launched its latest $750m borrowing.